Implementation of DSN-MUI Fatwa Number 163/DSN-MUI/VII/2025 on Sharia Exchange Traded Fund (ETF): A Review of Sharia Economic Law

Abstract

This study analyzes the implementation of Fatwa DSN-MUI No. 163/DSN- MUI/VII/2025 concerning Sharia Exchange Traded Fund (ETF) Gold within Indonesia’s Islamic capital market regulation. The research aims to examine its legal foundation, the integration of sharia principles with OJK and IDX regulations, and the challenges of harmonizing religious and state law. Using a qualitative descriptive- normative approach with content and legal analysis, data were drawn from official fatwas, regulations, and scholarly literature. The study finds that the fatwa fills a legal vacuum for gold-based ETFs by institutionalizing sharia principles such as wakalah bil ujrah and bai’ al-musawamah, yet its implementation faces issues of dual jurisdiction, technical reporting, and low investor literacy. The study recommends strengthening institutional coordination between DSN-MUI, OJK, and IDX through an integrated Sharia Governance Framework and enhancing legal codification and investor education for sustainable sharia investment growth.

Keywords : Fatwa DSN-MUI, Islamic Capital Market, Sharia ETF, Legal Harmonization, Islamic Economic